After the blockade in China, the local cryptos are fixed in the Spanish Bit2Me

After the blockade in China, the local cryptos are fixed in the Spanish Bit2Me

Life goes on in the world of crypto after the announcement by the National Securities Market Commission (CNMV). advertising control The cryptoactive sector will give much to talk about, but meanwhile the eyes return to rest on Bit2Me –which was precisely one of the ones that most challenged the Bank of Spain and CNMV with Bitcoin promotion campaigns–. Startup announces entry of Huobi Ventures through strategic investment that seeks the growth of the Spanish and the expansion through the Spanish-speaking markets of the second. The reversing arm exchange Chinese Huobi Group sets its sights on Spain and Spanish-speaking countries in order to expand its business after the limitations on crypto in China.

As the founders of Bit2Me already commented to hypertextual, the intention of the crypto startup is not to close investment rounds that dilute shareholders’ capital. To do this, and at the end of the summer, Bit2Me resorted to an old mechanism to obtain capital and recognition. Through an ICO of 20 million euros, materialized through their own B2B utility token, were launched into the investment market with a sort of crowdfunding adulterated. Huobi Ventures has invested precisely through the purchase of B2B. “Tens of millions of B2B”, point from the company without specifying the final amount of the investment.

They add, in any case, that this operation “will allow financing the company’s future expansion plans and both parties will analyze and execute long-term collaboration opportunities” in the international crypto sector. With more than 20 solutions to buy, sell and manage virtual currencies and euros in a single platform mainly in Spain, the objective now is to grow in new markets.

Crypto Focused: Who is Huobi Ventures?

Off the radar of the usual suspects in the investment world, Huobi Ventures is the investment arm of Huobi Group in the crypto sector. Focused first on strategic investment, strategic mergers and acquisitions, asset management and global cooperation, the funds created for its operations have focused solely on operations of blockchain, HECO Ecology and the new NFTs.

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For its part, Huobi Group is nothing more than a crypto asset trading company. Of Chinese origin, based in Seychelles and listed on the Hong Kong stock exchange, the multinational is one of the the most powerful companies in the management of crypto assets at an international level. All this despite its Chinese origin.

With most of its operations with Bitcoin and other assets originating in China, the 2017 reform of the country’s government against these new financial assets affected the company. It was last 2021 when the Chinese idyll – the most active country in these matters – ended with a sharp order from the People’s Bank of China: in addition to mining, transactions with Bitcoin were totally prohibited. The little control that China had over these operations and the decentralization of services were two of the reasons that were coined to make the decision. Very much in line with the limitations imposed on large Chinese technology multinationals after the size reached for many years. Then began the fall in the prices of these digital currencies and a moment of global tension in the face of the new situation proposed by China.

Nevertheless, Huobi continues to operate in the country with its blockchain and consulting services division. But he saw the need to broaden his aspirations on gentler shores with the management, mining and ownership of crypto assets through investments.

It was in May 2021 when the listed company launched its $100 million fund with the idea of ​​expanding the business and investing in projects that could join its portfolio of crypto companies. Since then, Huobi has closed 26 operations in the video game sector, exchange or NFTs.